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The Emirates Development Bank (EDB) has raised AED2.4 billion ($653 million) in loans for the UAE’s industrial sector in the first half (H1) of 2022, up from AED464 million approved by the bank to launch new loans 418%. 2021 strategy.
According to the Emirates News Agency, WAM, the surge in industrial financing has increased the bank’s contribution to the UAE’s national GDP to AED1.9 billion in the first half of 2022, an increase of 356% from AED425 million in the fiscal year (FY) 2021. %.
EDB convened a board meeting to review its performance for the first half of 2022 and monitor the progress of its new strategy, launched in April 2021, to support industrial development in the UAE, accelerate the adoption of advanced technologies and promote the development of small and medium enterprises.
The board meeting was held for the first time at the bank’s new headquarters in Abu Dhabi in Mubadalata and was attended by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the EDB Board of Directors.
As one of the main financial engines of the UAE’s economic diversification and industrial growth agenda, the bank’s key achievements include
In line with its commitment to financial inclusion and improving SME financing capabilities, EDB was also able to mobilize AED 351 million to support SMEs through its Credit Guarantee Scheme in the first half of 2022, up from AED 168 million deployed in 2021. Ram increased by 109%.
These efforts are supported by EDB Digital Solutions, including its new Digital Banking app, which enables SMEs and start-ups to start a business by providing a business bank account and IBAN number within 48 hours, and then offers a comprehensive Fast, secure and 24/7 banking services, including applying for and receiving financing.
During the meeting, the Board also discussed its outlook and plans for the second half of 2022, as well as key initiatives to deploy assets in key industries and advance the bank-wide digital agenda.
The initiatives deployed by EDB are part of its new strategy to support industrial growth in the UAE, adopt advanced technologies, enhance the role of SMEs, and foster innovation and entrepreneurship through its tailored suite of products and services. According to EDB’s proprietary “Development Impact Scorecard”, which aims to ensure the bank’s financing is focused on businesses and projects that have the greatest impact on the UAE economy, 66% of EDB’s transactions received a Development Score of at least 4, On a scale of 0-6, they reflect their positive contribution and huge developmental impact on the wider UAE economy.
“These results are a testament to the Bank’s progress in supporting the UAE’s economic diversification agenda and enhancing its global competitiveness. By expanding access to capital, the Bank is helping to develop a global hub for industry, advanced technologies and industries of the future. In the first half of 2022, we have been able to accelerate this mission, increasing our contribution to the country’s GDP by 356% compared to the full year of 2021, which highlights the potential of the UAE’s industrial sector and the ability of banks to mobilize capital to support it” Al Dr. Jaber said.
Ahmed Mohamed Al Naqbi, CEO of EDB, said: “We have made tremendous progress in the first half of 2022. We have approved a loan of AED 2.4 billion to the UAE industrial sector, five times the amount we approved in 2021, Underscore our commitment to the growth of the industry and its potential.”
“Over the past period, we have worked tirelessly to strengthen our capability partnerships, share our vision with industry leaders, and solidify our role in driving the national economy to a higher level and cementing its leadership. We look forward to Going forward this year, we will continue to focus on providing an all-encompassing business ecosystem for SMEs and start-ups and redouble our efforts to provide best-in-class solutions to a wider customer base,” he added.
The board also welcomed the news that S&P Global Ratings affirmed an ‘AA-‘ credit rating and a ‘stable outlook’.
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